25 GRATs
In all, Adelson and his wife, Miriam, have created at least 25 GRATs. At least 14 of the 25 trusts were zeroed out, according to the calculations based on SEC filings. Those trusts transferred at least $7.9 billion to family members, an amount that would otherwise have incurred gift taxes of $2.8 billion.
Adelson has six living children, including two teenage sons. By early 2012, more than a third of Adelson’s stake in the Sands — worth more than $10 billion today — had already passed through GRATs to trusts overseen by his wife for the benefit of his family.
The titles of some of those trusts start with the first letters of his children’s names. Later, more GRATs added another $3 billion to the heirs’ trusts.
Outside the stock exchange in October, Adelson declined to comment on GRATs. Later, he passed a message along through Ron Reese, his publicist.
“Mr. Adelson did tell me to tell you that he has no intention of ever dying,” Reese says. ‘So the estate-planning conversation is moot.’’